Spitzer weighs in on Starrett City deal
E-mailIn a Feb. 2nd New York Times article, Spitzer said he wants Starrett City – a 46-tower and 140-acre development – to remain affordable. Insiders say the complex could go for as much as $1 billion. Although the price pales in comparison to the $5.4 billion Stuyvesant deal last October, residents and politicians still feel a sale for that $1 billion price range would be incentive enough for owners to seek a maximum return on its investment by raising rents, cutting services and opting out of the city’s affordable housing program, the Mitchell-Lama program.
With the bidding deadline almost expiring, the 12 reported prospective buyers, which include Bershire L.L.C, the Related Companies, Apollo Real Estate Advisors, Tishman Speyer Properties, Westbrook and Aimco, will have their hands full knowing full well that any negotiations with the owner, Starrett City Associates, would include the influence of the state to make any transaction work. – Gerald Magpily
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